Lewis & Kaye (Hire) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00466736 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

LEWIS & KAYE (HIRE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Farley

L Farley

S Olu-Williams

F P Farley

SECRETARY:

L Farley

REGISTERED OFFICE:

1-21 Brunel Road

Acton

London

W3 7XR

REGISTERED NUMBER:

00466736 (England and Wales)

ACCOUNTANTS:

Diverset Limited

Chartered Accountants

Ferrari House

258 Field End Road

Ruislip

Middlesex

HA4 9UU

BANKERS:

National Westminster Bank

Scotland Corporate Service Team

Audit Team

Drummond House

Edinburgh

EH12 9JN

FIXED ASSETS

Tangible assets

4

593,022

625,395

CURRENT ASSETS

Debtors

5

1,667,028

1,625,479

Cash at bank

107,640

57,339

1,774,668

1,682,818

CREDITORS

Amounts falling due within one year

6

34,184

63,653

NET CURRENT ASSETS

1,740,484

1,619,165

TOTAL ASSETS LESS CURRENT LIABILITIES

2,333,506

2,244,560

PROVISIONS FOR LIABILITIES

112,674

118,825

NET ASSETS

2,220,832

2,125,735

CAPITAL AND RESERVES

Called up share capital

1,300

1,300

Fair value reserve

7

617,823

617,823

Retained earnings

7

1,601,709

1,506,612

SHAREHOLDERS' FUNDS

2,220,832

2,125,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2021 and were signed on its behalf by:

M Farley - Director

L Farley - Director

1.	STATUTORY INFORMATION

Lewis & Kaye (Hire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In the light of the COVID-19 pandemic, the directors have concluded that the company is and remains a going concern based on the continued support of the parent company, Classical & Contemporary Art Hire Limited

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

5% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Covid-19 related government support

Where the company has received grants or other Government support in connection with COVID-19, these have been accounted as follows :

Government Assistance loans are recognised and accounted as other commercial loans. Where material, grants paid by Government to lenders for fees or first years interest are recognised as other income along with the related costs.

Government or Local Authority grants are recognised in the period in which they are received.

Coronavirus Job Retention Scheme Grants are recognised in the period to which they relate.

Rent or Rates holidays are accounted in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2020

762,904

Disposals

(2,273

)

At 31 December 2020

760,631

DEPRECIATION

At 1 January 2020

137,509

Charge for year

31,156

Eliminated on disposal

(1,056

)

At 31 December 2020

167,609

NET BOOK VALUE

At 31 December 2020

593,022

At 31 December 2019

625,395

Cost or valuation at 31 December 2020 is represented by:

Plant and

machinery

etc

£

Valuation in 2016

750,000

Cost

10,631

760,631

If assets for hire had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

18,021

18,021

Assets for hire were valued on an open market basis on 1 April 2016 by The Auction Room .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

8,462

54,121

Amounts owed by group undertakings

1,658,566

1,571,143

Other debtors

-

215

1,667,028

1,625,479

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1

134

Amounts owed to group undertakings

2,697

2,697

Taxation and social security

29,073

56,708

Other creditors

2,413

4,114

34,184

63,653

7.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2020

1,506,612

617,823

2,124,435

Profit for the year

95,097

-

95,097

At 31 December 2020

1,601,709

617,823

2,219,532

8.	ULTIMATE CONTROLLING PARTY

The controlling party is M Farley.